Oil and Oil stocks

This is a discussion on Oil and Oil stocks within the Discretionary Trading forums, part of the Methods category; On the basis of price action alone oil is left out in the cold while the dow and euro keep ...

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Old Dec 11, 2012, 11:22pm   #71
 
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Re: Oil and Oil stocks

TradeTheEasyWay started this thread On the basis of price action alone oil is left out in the cold while the dow and euro keep moving.

Many oil stocks are suffering also.

We need to close above these last 2 daily bars to get back into the buy zone, we've spent this week under a daily trendline here with very poor volumes.

I had 2 x oil trades today; 1 x break even and 1 x -15 (after managing the stop on these).

If we get that close higher I think it could trigger and march to 90/92 but no sign at all at this stage.
I expect more sideways action until we get fed out of the way.

Mike
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Old Dec 12, 2012, 12:19am   #72
 
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Re: Oil and Oil stocks

Yeah i think its a tricky one.

I expect the fed to announce they will purchase the treasuries as expected. This should surely buoy commodities and i would expect the oil price to rise. However I think a lot of this recent downward pressure on oil is to do with the fiscal cliff.

If for instance there was no deal on the cliff, then i think the markets and oil would take a dive.

I actually think that they will suspend the debt limit ceiling and have a completely open book for the future.

As a speculator I'm not sure if I should jump in now before tomorrows fed announcement, or wait for the announcement, or wait for the resolution of the fiscal cliff talks...
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Old Dec 13, 2012, 10:45am   #73
 
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Re: Oil and Oil stocks

TradeTheEasyWay started this thread I'm long oil here at 86.25, stop under 8590. Major daily support, looking to see if US retail sales data later can lift this up to 8850+

Mike
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Old Aug 14, 2013, 10:13am   #74
 
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Re: Oil and Oil stocks

TradeTheEasyWay started this thread oil - invents today, level I'm watching is 106
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Old Sep 3, 2013, 10:06am   #75
 
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TradeTheEasyWay started this thread US back at their desks in 3 hours.
I've bought the euro session lows in oil and looking to so if I can hold for 109.

Mike
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Old Sep 6, 2013, 11:42am   #76
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Hi, I'm new to this thread and wondering if anyone has any thoughts on trading oil correlations? I've been reading about this recently, and it sounds very interesting. Any advice?
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Old Sep 6, 2013, 2:15pm   #77
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Originally Posted by Mrs M View Post
Hi, I'm new to this thread and wondering if anyone has any thoughts on trading oil correlations? I've been reading about this recently, and it sounds very interesting. Any advice?
Iím no expert on trading oil at all but from my experience the two main factors that affect the price of oil is the strength/weakness of the USD and Supply and Demand. Obviously with events like the problem in Syria unfolding concerns are that oil delivery from surrounding countries like Iraq, Iran etc may suffer hence sending oil prices up to levels not seen for many months. The USD has an influence in all commodity prices as that is the currency they are priced in so an increase in the price of the USD would subsequently make USD denominated products more expensive, slowing demand and causing prices to fall. As with any type of trading its not quite as black and white as that but if you use those two rules as your foundations then im sure you will be heading along the right tracks. Hope that helps mate.
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Old Sep 6, 2013, 5:39pm   #78
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Thanks for your reply. The strategy I've been mulling over trades the correlations between Brent and WTI - seems pretty subtle, but I'm hoping is less open to other influences that trading correlations between oil and currencies.
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